Lets face it, the problem is more than the student loans. The biggest problem is the contract itself, and how it is presented to students. Even the Governments own congressional testimony has shown that most students are not given full disclosure, which is a requirement for a contract to be valid.
That and all the pressure to get a college education. The crazy thing is this: I know people who have never gone to college that are smarter than some of the college graduates that I also know.
So the question of "is it going to be worth going into debt for a very long time" needs to be asked? These kids (and kids of the past) are banking on a bigger and better economy where they will be able to get good paying jobs, the kind that will allow them to pay off their loans and still live a halfway proper life style. Its a sad fact that many of them are finding out the jobs they hoped would be there when they graduate, are not. And then the real troubles begin.
The US congress has known about these problems. US congressional testimony from as far back as 1975 shows the US department of education knew about problems with some of the schools, and that these schools were misleading kids, getting them to sign up for student loans, knowing the kids would probably never be able to pay them back. And yet the first real reform changes did not occur until the mid 1990's, and then only after a record number of defaults, and a record number of bankruptcies were filed at the end of the 1980s.
Whose to blame for people not being able to pay back their loans? I think the blame goes all around equally, to the schools, the congress, the department of education and the students themselves.
Take my advise: if you need to get a loan for college, you don't need to go to college. It will be to your advantage in the long run, if you do not take out any student loans.
Posted on August 13 at 6:12 p.m.
Lets face it, the problem is more than the student loans. The biggest problem is the contract itself, and how it is presented to students. Even the Governments own congressional testimony has shown that most students are not given full disclosure, which is a requirement for a contract to be valid.
That and all the pressure to get a college education. The crazy thing is this: I know people who have never gone to college that are smarter than some of the college graduates that I also know.
So the question of "is it going to be worth going into debt for a very long time" needs to be asked? These kids (and kids of the past) are banking on a bigger and better economy where they will be able to get good paying jobs, the kind that will allow them to pay off their loans and still live a halfway proper life style. Its a sad fact that many of them are finding out the jobs they hoped would be there when they graduate, are not. And then the real troubles begin.
The US congress has known about these problems. US congressional testimony from as far back as 1975 shows the US department of education knew about problems with some of the schools, and that these schools were misleading kids, getting them to sign up for student loans, knowing the kids would probably never be able to pay them back. And yet the first real reform changes did not occur until the mid 1990's, and then only after a record number of defaults, and a record number of bankruptcies were filed at the end of the 1980s.
Whose to blame for people not being able to pay back their loans? I think the blame goes all around equally, to the schools, the congress, the department of education and the students themselves.
Take my advise: if you need to get a loan for college, you don't need to go to college. It will be to your advantage in the long run, if you do not take out any student loans.